Santander 123 Switch

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Richchad
Richchad Posts: 534 Forumite
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I am considering switching our joint current account from Lloyds to a Santander 123 account.

However when I read about the switching service it states it will switch all my direct debits and standing orders and close my Lloyds account..

I do not want all DD and SO switched and also not to close my Lloyds account, so do I have to do switching myself, which I have always done in the past and have no problem doing this?

If I do the switch myself does this fall foul of the 123 account rules for cashback, interest etc?
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  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    Richchad wrote: »
    If I do the switch myself does this fall foul of the 123 account rules for cashback, interest etc?

    No, these aren't dependent on switching.
  • Richchad
    Richchad Posts: 534 Forumite
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    Thanks Eskbanker, so maybe I will do the switch myself... :)
  • butterflymum
    butterflymum Posts: 987 Forumite
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    To 'switch' bank accounts using a 'switch service' usually means to change completely from one to the other. What you seem to wish to do, however, is not to 'switch' in this sense, but rather to open a new account with Santander (and also move some DDs and/or SOs to them), in addition to keeping your existing account with Lloyds

    In this case, you do not use the 'switch' service.
    butterfly )i(
  • iAMaLONDONER
    iAMaLONDONER Posts: 1,669 Forumite
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    Richchad wrote: »
    Thanks Eskbanker, so maybe I will do the switch myself... :)

    You miss out on about £35 something cashback from Topcashback though!
  • bsms1147
    bsms1147 Posts: 2,261 Forumite
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    iAMaLONDONER wrote: »
    You miss out on about £35 something cashback from Topcashback though!
    Moot point if the OP doesn't want their account closed.
  • Richchad
    Richchad Posts: 534 Forumite
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    Thanks for the various posts, the reason I don't want to close our existing Lloyds joint Club account is that I will still fund it with the necessary £1500 monthly and 2 DD just for the 4% interest on 5k

    I could switch all my existing DD to Santander and possibly set up 2 new ones for Lloyds after the switch, but can I ask for the Lloyds account not to be closed..

    How flexible is the Santander switching service?

    I do use Topcashback a lot if I can, but guess not worth screwing things up for £35.....
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    Richchad wrote: »
    I could switch all my existing DD to Santander and possibly set up 2 new ones for Lloyds after the switch, but can I ask for the Lloyds account not to be closed..

    How flexible is the Santander switching service?

    Unfortunately their switching service is effectively 'all or nothing', i.e. you can't selectively use it while retaining your old account.

    As butterflymum says, if you want to keep your old account then it's not really a switch in the currently accepted sense of the term, so just treat it as an account opening and then manually transferring whatever DDs you want to shift.
  • iAMaLONDONER
    iAMaLONDONER Posts: 1,669 Forumite
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    Richchad wrote: »
    Thanks for the various posts, the reason I don't want to close our existing Lloyds joint Club account is that I will still fund it with the necessary £1500 monthly and 2 DD just for the 4% interest on 5k

    I could switch all my existing DD to Santander and possibly set up 2 new ones for Lloyds after the switch, but can I ask for the Lloyds account not to be closed..

    How flexible is the Santander switching service?

    I do use Topcashback a lot if I can, but guess not worth screwing things up for £35.....
    bsms1147 wrote: »
    Moot point if the OP doesn't want their account closed.

    You could open another Lloyds account and set up 2 DDs on it and switch that and claim the cashback from Topcashback...
  • Richchad
    Richchad Posts: 534 Forumite
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    iAMaLONDONER wrote: »
    You could open another Lloyds account and set up 2 DDs on it and switch that and claim the cashback from Topcashback...

    I like your thinking.. :)

    We have 1 joint Club account, two sole Club accounts and 6 sole Vantage accounts between us already with Lloyds.. so would have to open another joint account, as it has to be a switch from joint account to joint account....

    Or could convert one of our Vantage accounts to joint then switch..

    TBH it seems a lot of hassle for £35, but then again..hmmm :D
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    The Vantage accounts will soon become useless (1.5% max interest, 2 DDs needed etc), so switching one of them would sound emminently sensible.
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